Restaurant chain Prezzo to shut 94 restaurants with 500 jobs to go

Hundreds of jobs are to be axed at Prezzo after the restaurant chain agreed a restructuring plan that will see nearly 100 sites close.

The company, owned by private equity firm TPG Capital, secured the backing of creditors for Company Voluntary Arrangement (CVA) on Friday, which will allow the Italian-themed chain to exit unprofitable branches and secure rent reductions.